“Value investing works by exploiting behavioral biases, which are well-documented and recurring; the problem lies in how ‘value’ is defined,” he added. “What we’ve observed as fundamental analysts going back to the 1980s is that many traditional valuation metrics have become increasingly ineffective as tools for comparison as the economy has evolved from physical assets to intellectual ones.”

DSTL is listed on NYSE Arca and costs 0.39% in expense ratio, or $39 per $10,000 invested.